ply: Summative Assessment... In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 Cost incurred during the year $3,600,000 2022 $4,050,000 2023 $1,485,000 Estimated costs to complete as of year-end 5,400,000 Billings during the year 3,000,000 Cash collections during the year 2,800,000 1,350,000 4,650,000 4,600,000 8 2,350,000 2,600,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. www < Prev 9 of 9 Next 3:33